The HMRC deadline is closing in to fill in gaps in National Insurance records
HM Revenue and Customs has recently revealed that over 10,000 payments totalling £12.5 million have been made via a new digital service to enhance people's State Pensions since its inception in April. Individuals have less than six months remaining to address any gaps in their National Insurance records dating back to 2006 to optimise their State Pension upon retirement.
Some people may be entitled to NI credits instead of having to make contributions, so they should check and consider what is best for them. HMRC stated that further analysis of the online service usage shows that the majority of customers topped up one year of their NI record, with the average online payment being £1,193.
Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, also provided insight into how individuals can maximise their State Pension payments. She advised: "There are things you can do to plug the gaps, including checking to see if you were entitled to claim a benefit which comes with a National Insurance credit during that time, and seeing if you can backdate a claim."
Boosting your State Pension Check your State Pension forecast online Head to the 'Check your State Pension forecast' page on the GOV. UK website to get an idea of your State Pension entitlement.Claim Child Benefit Women often miss out on valuable State Pension credits while caring for children at home.
Specified Adult Childcare Credit Know your eligibility, if you're under State Pension age and caring for a family member under 12 while their parent returns to work, you might be eligible for the Specified Adult Childcare Credit. If you find yourself in this situation, you could be eligible for National Insurance credits under the Specified Adult Childcare Credit scheme.
Each year purchased gives you 1/35th of a year's State pension. This means you effectively earn your money back in about three years, making it potentially very good value.
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